EvolutionX Debt Capital Announces Investment In Udaan

Growth stage debt financing platform, EvolutionX Debt Capital, has committed investment into udaan, a b2b ecommerce platform with over 3 million retailers across various categories including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma and general merchandise. EvolutionX’s investment, alongside udaan’s recent capital raise, will improve the company’s financial strength as well as continue to drive its operational efficiencies with an enhanced focus on achieving profitable growth. This investment into udaan is the second investment in India committed by EvolutionX since the platform’s launch and entry into the Asian growth debt space in late 2021, as per a statement by the company.

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“While venture debt has become a growing asset class in India, there is a clear gap in the growth debt space with EvolutionX emerging as a leading player to bridge this gap and has already committed approximately $85 million in this quarter to category-leading technology companies led by promising founders and reputed investors. We believe that udaan’s business model holds immense growth potential while keeping technological innovation at its forefront,” said Rahul Shah, partner and co-head leading investments across India and Southeast Asia for EvolutionX.

EvolutionX provides amortising term debt facilities in the range of $20 to $50 million along with warrants or convertible instruments. Headquartered in Singapore, EvolutionX has built a robust investment team in Singapore, as well as a team based in Mumbai, India in 2022 and intends to establish its presence in China in 2023, claimed by the company in the statement.

“We are delighted to partner with EvolutionX for this round of funding. The efficiency enhancement and structural cost-optimisation initiatives that we undertook last year have already started showing results. Post achieving the milestone of positive unit economics in the previous quarter, we have witnessed robust growth in business during the last two consecutive quarters. We are excited to join hands with Rahul and his team at EvolutionX as long-term partners on this growth journey to change and organise the massive over $1 trillion trade market of the country.” said Vaibhav Gupta, co-founder and CEO, udaan.